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Office of Management and Enterprise Services (OMES) - February Report Reveals All-Time Record in Sales Tax Collections
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2012-01%20February_Report_Reveals_All-Time_Record_in_Sales_Tax_Collections.html[9/21/2012 10:01:21 AM]
Office of Management and
Enterprise Services (OMES)
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Home / News / February Report Reveals All-Time Record in Sales Tax Collections
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Feb. 14, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
February Report Reveals All-Time Record in Sales Tax Collections; Over-All Receipts
Up Double Digits Again
OKLAHOMA CITY – Oklahoma consumers punched it up a notch in late December and early January, as the state set an all-time
monthly record for state sales tax collections, Finance Director Preston Doerflinger announced Tuesday.
Sales tax collections to the state’s General Revenue Fund, the main source of state funding, totaled $165 million in January,
Doerflinger said as he released February’s GRF report.
"This is the largest amount of money we have ever collected from sales taxes in any month of any year ever in Oklahoma,"
Doerflinger said. "Consumer confidence appears to be high early in the second half of the 2012 fiscal year."
Total collections to the General Revenue Fund through the first seven months of FY-2012 were $3,223.1 million. This amount
was $368 million and 12.9 percent above the first seven months’ collections for FY-2011 and $304 million, or 10.4 percent
above the total estimate for the same period of FY-2012.
State sales tax collections recorded for January were almost 12 percent higher than they were for the same month a year ago.
"Economists always look keenly at sales taxes in gauging economic growth, so this is encouraging," said Doerflinger, who
noted the record collections included spending in the days just before and after Christmas.
Doerflinger continued, "Our economic recovery from the recession has not missed a beat in the first half of the fiscal year and
is off to a good start in the second half. Total collections for the first seven months exceeded the estimate by double-digits.
"So this seems like the perfect time to implement the governor’s tax-cut plan, which will generate more economic activity
because the vast majority of Oklahomans will have more money to spend and the state has another arrow in its quiver to get
the attention of company executives looking for site locations."
Governor Mary Fallin said of the GRF report: "It is great news that sales tax receipts reached an all-time high and our
economy is continuing to grow. I am encouraging legislators to see this as an opportunity, not to grow government or to
spend more on government bureaucracy, but to pursue a bold plan to cut taxes and allow Oklahomans to keep more of their
hard-earned money.
"By passing the tax reduction plan I outlined last week, Oklahoma can continue to build on our recent economic successes by
creating a tax climate more conducive to business growth, job creation and statewide prosperity. Moving forward, we must
also continue to right-size state agencies and to carefully prioritize spending."
Doerflinger said while the state economy is coming back stoutly, he has one area of concern—natural gas prices.
"While we have had reports of companies reducing gas wells because of low prices, this is being offset to some degree by high
oil prices. In fact, the total rig count in the Oklahoma oil patch was much higher in January than the same month a year ago
as producers employ enhanced drilling techniques to gather oil, liquefied gas and other profitable forms of energy."
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Office of Management and Enterprise Services (OMES) - February Report Reveals All-Time Record in Sales Tax Collections
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/2012-01%20February_Report_Reveals_All-Time_Record_in_Sales_Tax_Collections.html[9/21/2012 10:01:21 AM]
Office of Management and
Enterprise Services (OMES)
Share | Print | Print
Home / News / February Report Reveals All-Time Record in Sales Tax Collections
News Release
PRESTON L. DOERFLINGER
Director and Secretary
of Finance and Revenue
MARY FALLIN
Governor
Feb. 14, 2012
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
February Report Reveals All-Time Record in Sales Tax Collections; Over-All Receipts
Up Double Digits Again
OKLAHOMA CITY – Oklahoma consumers punched it up a notch in late December and early January, as the state set an all-time
monthly record for state sales tax collections, Finance Director Preston Doerflinger announced Tuesday.
Sales tax collections to the state’s General Revenue Fund, the main source of state funding, totaled $165 million in January,
Doerflinger said as he released February’s GRF report.
"This is the largest amount of money we have ever collected from sales taxes in any month of any year ever in Oklahoma,"
Doerflinger said. "Consumer confidence appears to be high early in the second half of the 2012 fiscal year."
Total collections to the General Revenue Fund through the first seven months of FY-2012 were $3,223.1 million. This amount
was $368 million and 12.9 percent above the first seven months’ collections for FY-2011 and $304 million, or 10.4 percent
above the total estimate for the same period of FY-2012.
State sales tax collections recorded for January were almost 12 percent higher than they were for the same month a year ago.
"Economists always look keenly at sales taxes in gauging economic growth, so this is encouraging," said Doerflinger, who
noted the record collections included spending in the days just before and after Christmas.
Doerflinger continued, "Our economic recovery from the recession has not missed a beat in the first half of the fiscal year and
is off to a good start in the second half. Total collections for the first seven months exceeded the estimate by double-digits.
"So this seems like the perfect time to implement the governor’s tax-cut plan, which will generate more economic activity
because the vast majority of Oklahomans will have more money to spend and the state has another arrow in its quiver to get
the attention of company executives looking for site locations."
Governor Mary Fallin said of the GRF report: "It is great news that sales tax receipts reached an all-time high and our
economy is continuing to grow. I am encouraging legislators to see this as an opportunity, not to grow government or to
spend more on government bureaucracy, but to pursue a bold plan to cut taxes and allow Oklahomans to keep more of their
hard-earned money.
"By passing the tax reduction plan I outlined last week, Oklahoma can continue to build on our recent economic successes by
creating a tax climate more conducive to business growth, job creation and statewide prosperity. Moving forward, we must
also continue to right-size state agencies and to carefully prioritize spending."
Doerflinger said while the state economy is coming back stoutly, he has one area of concern—natural gas prices.
"While we have had reports of companies reducing gas wells because of low prices, this is being offset to some degree by high
oil prices. In fact, the total rig count in the Oklahoma oil patch was much higher in January than the same month a year ago
as producers employ enhanced drilling techniques to gather oil, liquefied gas and other profitable forms of energy."
FAQs Contact OMES-Alerts OMES & CORE Calendar RSS Feeds
CIO Comptroller &
Budget
Employees &
Benefits
Central Purchasing Capital Assets
Management
Forms